Academic Paper from the year 2018 in the subject Economics – Foreign Trade Theory, Trade Policy, grade: 1.3, , language: English, abstract: It is apparent that countries exhibit differences in wealth. This is some nations are considered as rich, whereas other are said to be poor. From an economic lens, it seems easier for someone to distinguish rich countries from poor ones based on the quantity of resources that are available to a given society. However, it is relatively difficult to identify in-depth information about income distribution among social groups, resources utilization and the trends of production and consumption within a given country or region (Acemoglu & Robinson, 2012). These parameters can only be determined through the use of a ‘development gauge.’ Therefore, this paper will provide a precise description of ‘development’ and attempt to explain why Africa has lagged behind other continents and regions in development.
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